The price of the land was just under $15 per sf, Kevin Carroll, senior development manager and head of the South Florida operation, tells GlobeSt.com, which translates to approximately $2.5 million. Steve Wasserman and David Wigoda of Coral Gables-based Colliers Abood Wood Fay represented the seller, an owner/user in the park.
"We're starting spec," Carroll says, and expressed hope to obtain approvals for the planned three-story building in time to break ground in Q4 of this year. "Construction costs fluctuate daily," he says, "so we haven't finalized our construction costs or the asking sale prices."
Of other new office condo products in the area, Carroll says, "shell space is selling in the $235- to $240-per-sf range, and converted, built-out product is going for between $250 and $300 per sf." Wasserman, Wigoda and Michelle Noonan, also of Colliers, are listing brokers. "This market is fairly deep with renters that want to own, and lenders are offering attractive rates for these potential owners," Carroll says. "Office condos have been a trend in California for some time, so this is a product type our company understands."
In 2005, Panattoni acquired land for a 250,000-sf industrial building in Pompano, which Carroll says will break ground this quarter. "These two projects are not our last for South Florida," he says. "Land is very difficult to come by, so we're also looking at some redevelopment possibilities."
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